Chief executive may have to quit

Marsh & McLennan directors may force chief executive Jeffrey Greenberg to step down after the world’s largest insurance brokerage lost two-fifths of its market value following a lawsuit by New York Attorney General Eliot Spitzer, investors said.

“The board has their necks on the chopping block,” said Thomas Russo, who helps manage more than $2 billion at Gardner, Russo & Gardner in Lancaster, Pennsylvania, and held 58,400 shares of Marsh in June.

Concern about personal liability “is forcing the board’s hand” to push Mr Greenberg out, added Mr Russo.